nomber 2 only, the answer is given can you re-write it like its your own viwes s
ID: 2539589 • Letter: N
Question
nomber 2 only, the answer is given can you re-write it like its your own viwes so it dosent look like i copy this answer
Users of financial statements can face different questions about the recognition and measurement of financial items. To help develop the type of financial information that can be used to answer these questions financial accounting and reporting rules on a conceptual framework. Instructions 1. What are the basic components of the conceptual framework? 2. What are your views about the success of the conceptual framework? Ans: 2. In general, the success of the conceptual framework will be determined by its acceptance irn practice. The acceptance in practice will be based in large part upon the IASB's solution of practical problems on a timely basis. It is a matter of opinion and yet to be seen whether or not the conceptual framework will bring about the following benefits. a. The IASB should be able to issue more useful and consistent standards in the future. b. New practice problems should be solved more rapidly by reference to an existing framework. c. Better understanding of and confidence in the financial reporting process by financial statement users should result. Enhanced comparability among companies' financial statements should result. d.Explanation / Answer
As requested, i have rewritten the answer in my own words.
2)Generally speaking, the acceptance of a conceptual framework in practice, determines its success.The solutions to practical problems provided by IASB determines the acceptan ce in practice of a conceptuasl framework.
The benefits brought about by conceptual framework can be measured over time .
a)consistent standards should be issued by IASB for the future.
b)The existing framework must be put to use for solving new practical problems in lesser time.
c)The conceptual framework should result in a clear understanding of financial reporting process by the users of financial statements and should instill confidence in them.
d) The conceptual framewok should result in efficient and enhanced comparison among companies' financial statements.
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